Saudi Arabia, the world’s largest oil exporter, raised its official Arab Light selling price to Asian buyers in March for the first time in six months, amid expectations of a recovery in oil demand, especially from China.
Informed sources told Reuters this Monday that the official selling price of Arab Light crude loaded into Asia in March rose 20 cents a barrel from February, implying a two dollar a barrel premium over the average. the price of oil from Oman and Dubai. contrary to previous market expectations, reducing it by 30 cents.
Analysts and dealers had been expecting a recovery in oil demand in China since March, coinciding with the recovery of the economy and the end of the peak of Covid-19 in the country.
The official selling price of very light Arabic oil was reduced by $1.30 to $2.25 per barrel compared to average oil from Oman and Dubai, while the price of Arabic medium and Arabic heavy oil rose by 50 cents to a premium of $1.60 per barrel. medium oil and a discount of $1.75 per barrel of Arabic heavy oil.